Fidelity California Correlations

Mutual Funds . USA . 
Fund . Fidelity California Municipal
FCMAX Fund  USD 11.85  0.02  0.17%   
The current 90-days correlation between Fidelity California and Fidelity Freedom 2015 is -0.11 (i.e., Good diversification). The correlation of Fidelity California is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity California Correlation With Market

Good diversification

The correlation between Fidelity California Municipal and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity California Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity California Municipal. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Fidelity Mutual Fund

  0.83FPTKX Fidelity Freedom 2015PairCorr
  0.82FPURX Fidelity PuritanPairCorr
  0.81FPUKX Fidelity PuritanPairCorr
  0.91FPXTX Fidelity PennsylvaniaPairCorr
  0.83FQIFX Fidelity Freedom IndexPairCorr
  0.82FQIPX Fidelity Freedom IndexPairCorr
  0.77FQITX Fidelity Salem StreetPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.83FRBDX Fidelity Freedom 2070PairCorr
  0.83FRBEX Fidelity Freedom 2070PairCorr
  0.83FRBHX Fidelity Freedom 2070PairCorr
  0.82FRBJX Fidelity Advisor FreedomPairCorr
  0.83FRBKX Fidelity Advisor FreedomPairCorr
  0.83FRBLX Fidelity Advisor FreedomPairCorr
  0.83FRBOX Fidelity Advisor FreedomPairCorr
  0.82FRBPX Fidelity Advisor FreedomPairCorr
  0.82FRBQX Fidelity Flex FreedomPairCorr
  0.84FRBUX Fidelity Freedom IndexPairCorr
  0.82FRBVX Fidelity Freedom IndexPairCorr
  0.84FRBWX Fidelity Freedom IndexPairCorr
  0.83FRBYX Fidelity Freedom BlendPairCorr
  0.83FRBZX Fidelity Freedom BlendPairCorr
  0.82FRAGX Aggressive GrowthPairCorr
  0.87FRAMX Fidelity Income ReplPairCorr
  0.83FRASX Fidelity Income ReplPairCorr
  0.82FRCFX Fidelity Freedom BlendPairCorr
  0.82FRCHX Fidelity Freedom BlendPairCorr
  0.82FRCKX Fidelity Freedom BlendPairCorr
  0.83FRCLX Fidelity Freedom BlendPairCorr
  0.83FRCNX Fidelity Freedom BlendPairCorr
  0.83FRCPX Fidelity Freedom BlendPairCorr
  0.84FRCQX Fidelity SustainablePairCorr
  0.83FRCRX Fidelity SustainablePairCorr
  0.82FRCVX Fidelity SustainablePairCorr
  0.83FRCWX Fidelity SustainablePairCorr
  0.83FRCYX Fidelity SustainablePairCorr
  0.82FRDCX Fidelity SustainablePairCorr
  0.82FRDDX Fidelity SustainablePairCorr
  0.83FRDEX Fidelity SustainablePairCorr
  0.82FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity California Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity California's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FPTKX  0.24  0.06 (0.09) 0.35  0.00 
(0.29)
 0.68 
(0.50)
 1.67 
FPURX  0.41  0.08  0.04  0.28  0.23 
(0.45)
 1.28 
(0.84)
 2.85 
FPUKX  0.41  0.08  0.03  0.27  0.25 
(0.45)
 1.32 
(0.88)
 2.90 
FPXTX  0.12 (0.01)(0.66)(0.06) 0.11 
(0.17)
 0.30 
(0.20)
 0.89 
FQIFX  0.31  0.07 (0.02) 0.30  0.00 
(0.36)
 0.96 
(0.60)
 2.17 
FQIPX  0.47  0.12  0.10  0.31  0.29 
(0.57)
 1.48 
(1.18)
 3.29 
FQITX  0.56  0.06 (0.03) 0.27  0.64 
(0.60)
 1.27 
(1.14)
 3.58 
FQLSX  0.47  0.13  0.12  0.33  0.24 
(0.58)
 1.53 
(1.22)
 3.33 
FRBDX  0.48  0.24  0.14 (3.32) 0.25 
(0.61)
 1.61 
(1.11)
 3.27 
FRBEX  0.48  0.24  0.14 (3.93) 0.20 
(0.59)
 1.61 
(1.11)
 3.18 

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